A Comprehensive Market Strategy For Tort Reform

Abstract

This Article outlines the basic features of a market for selling, purchasing, and trading tort claims. It argues that, in contrast to other tort reform proposals, a market approach will benefit tort victims with quicker, higher, and certain damage awards; offer defendants numerous ways to hedge their liability; reduce crowded court dockets and induce faster, fairer settlements; and help society by retaining appropriate safety incentives and allocating the costs of accidents to those most able to bear them. In short, a tort claims market will create a new kind of insurance after accidents occur.